Toyota Motor (TM) might be setting a new trend in the auto industry later this year when it unveils a hydrogen powered car that could be part of its 2015 lineup.
Hydrogen powered cars are great on paper; hydrogen gas is plentiful and when used as fuel only, produces water vapor. However, automakers have looked at using hydrogen fuel cells in the past, but with prototypes costing over $1 million to produce, it was deemed too expensive.
“Fuel cells should be renamed ‘fool cells,’ they are so stupid,”Elon Musk, Tesla (TSLA) Chief Executive Officer, told Bloomberg. “You could take best case of a fuel cell, theoretically the best case, and it does not compete with lithium-ion cells today.”
If Toyota does release a hydrogen powered car, its target market will be homes with an income over $175,000.
TM shares were up 3% as of writing Thursday, continuing a 30% year-to-date run.